Ann: REH - ASX Announcement Equity Raise, page-31

(A little bit of knowledge is a dangerous thing.)

Looking only at overall investment returns fails to provide the real picture of the quality of the fund manager; because it overlooks the very important aspect of how those returns were actually generated (if a fund manager absolutely shoots the lights out in one year, but then under-perform for the next 10 years that's not what asset consultants would classify as credible nor sustainable investment performance.)

If you conduct an attribution analysis on this investment manager's investment returns, you'll find that they failed to outperform their relevant benchmark [*] (the MSCI World Accumulation Index... The All Ords Index is not relevant given they invest most of their portfolio in non-A$ denominated securities) for the past decade.



[*] And that's even before fees, when most professional investment returns are quoted after fees.